How have Dane County home prices changed over time? The best way to answer this question is to look at the "same home" price change for recent sales in Dane County.
We recently identified all of the 2011 home sales (excluding condos) from the South Central Wisconsin MLS. Then we identified the subset of homes that also sold between the years 2005 and 2010. For each home on our list, we compared the first selling price to the 2011 selling price, and noted the change in value.
The Price Picture
The results of our analysis include the following:
- The peak year for Dane County home prices was 2006. Home values in 2011 decreased by 11.6% from 2006.
- Prices continued to trend lower in 2011. Home values in 2011 decreased by 2.2% from 2010.
- The average bank-owned foreclosure sold for 28.4% less in 2011 when compared to its previous sales price.
- The average short sale home sold for 24.7% less in 2011 when compared to its previous sales price.
- Price trends vary tremendously by location.
- Prices have been very stable in some areas. For example, home values in many of Madison's near-west side neighborhoods have held up very well.
The 2012 Real Estate Market
The 2012 real estate market will be one of increased sales and decreased inventory. Because of this, we expect 2012 to be a year of transition, with the price trends in some neighborhoods changing from negative to positive. Some neighborhoods will see prices plateau, while others will continue to see prices fall.
Download our Detailed Spreadsheet
Download our detailed spreadsheet to see how prices have changed by price range, MLS location, and subdivision. Please note we highly recommend you consult with a Realtor to assess your own unique real estate needs. Our pricing data is informative, but it does have limitations. It is not a substitute for the insight and advice you can receive from a qualifed real estate professional. Please feel free to contact us with your questions and real estate needs. We're happy to help.
This information is provided courtesy of Dan Miller, Shawn Kriewaldt, Chris Venden, Dasha Shy, and Jodi Shehadi of Keller Williams Realty and DaneCountyMarket.com. For more information, please contact:
Don't forget: if you're buying or selling, whether your timeline is 3 months or 3 years, we can help.
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